Commonwealth Consolidated Regulations

CORPORATIONS REGULATIONS 2001 - REG 7.9.13A

         (1)   For subsection 1016F (3) of the Act, this regulation applies in relation to an FHSA.

         (2)   If the FHSA holder has never held another FHSA, to exercise a right of return for the financial product in circumstances in which the moneys paid to acquire the FHSA are subject to payment restrictions:

                (a)    the FHSA holder must:

                          (i)    notify the FHSA provider, in writing, that the FHSA holder wishes to exercise the right to return the FHSA; and

                         (ii)    ask the FHSA provider to pay the entire balance of the FHSA to the FHSA holder; and

                        (iii)    give the FHSA provider a written declaration that the FHSA holder has never previously held an FHSA; or

               (b)    the FHSA holder must:

                          (i)    notify the FHSA provider, in writing, that the FHSA holder wishes to exercise the right to return the FHSA; and

                         (ii)    no later than 1 month after notifying the FHSA provider, ask the FHSA provider to pay the entire balance of the FHSA to another FHSA nominated in the request.

         (3)   If the FHSA holder has held another FHSA, to exercise a right of return for the financial product in circumstances in which the moneys paid to acquire the FHSA are subject to payment restrictions, the FHSA holder must:

                (a)    notify the FHSA provider, in writing, that the FHSA holder wishes to exercise the right to return the FHSA; and

               (b)    no later than 1 month after notifying the FHSA provider, ask the FHSA provider to pay the entire balance of the FHSA to another FHSA nominated in the request.